Home Catalog Repair Of Fabricated Metal Products, Machinery And Equipment

Article: 1169

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Company setup in Meydan, Dubai

State dutyloading

Terms days

This company can engage in repair of fabricated metal products, machinery, and equipment; repair of machinery; repair and maintenance of industrial machinery and equipment; non-automotive engines like ship or rail engines; pumps and related equipment; electrical equipment; power, distribution, and specialty transformers; electric motors, generators, and motor generator sets; switchgear and switchboard apparatus; relays and industrial controls; primary and storage batteries; electric lighting equipment; current-carrying and non-current-carrying wiring devices for wiring electrical circuits; and routine maintenance of ships.

About the company's activities

Types of activities

For a setup of a company in Meydan Free Zone in the field of repair of fabricated metal products, machinery and equipment, the following group of business activity has been chosen:

Repair Of Fabricated Metal Products, Machinery And Equipment (group 331):
- 3310,00 - Repair Of Fabricated Metal Products, Machinery And Equipment;
- 3311,00 - Repair Of Fabricated Metal Products;
- 3312,00 - Repair Of Machinery;
- 3312,01 - Repair And Maintenance Of Industrial Machinery And Equipment;
- 3312,02 - Repair And Maintenance Of Non-Automotive Engines, E.G. Ship Or Rail Engines;
- 3312,03 - Repair And Maintenance Of Pumps And Related Equipment;
- 3314,00 - Repair Of Electrical Equipment;
- 3314,01 - Repair And Maintenance Of Power, Distribution, And Specialty Transformers;
- 3314,02 - Repair And Maintenance Of Electric Motors, Generators, And Motor Generator Sets;
- 3314,03 - Repair And Maintenance Of Switchgear And Switchboard Apparatus;
- 3314,04 - Repair And Maintenance Of Relays And Industrial Controls;
- 3314,05 - Repair And Maintenance Of Primary And Storage Batteries;
- 3314,06 - Repair And Maintenance Of Electric Lighting Equipment;
- 3314,07 - Repair And Maintenance Of Current-Carrying Wiring Devices And Non Current-Carrying Wiring Devices For Wiring Electrical Circuits;
- 3315,01 - Repair And Routine Maintenance Of Ships.

The company can choose up to 3 groups of business activities under one license without additional fees.

Additional External Regulator Approvals

No additional approval is required in order to complete the registration process of the company conducting this group of business activities. Choosing only one business activity (3315,01) requires an additional permit from the The Dubai Maritime Authority (DMA).

Share Capital Requirements

There is no minimum share capital requirement for Meydan FZ companies.
If the shareholder plans to obtain an investor visa, the shareholder's share in the share capital should be at least AED 50,000.

Company name requirments

May contain the name of a shareholder
Must not violate the country laws or contain words that are obscene, indecent or generally offensive
Must not contain the names of Allah, Buddha or God, or any other religious terminology
Must not be identical or similar to local/global brands or registered trademarks
Must not contain geographical names, such as the names of emirates, cities, countries and other landmarks
Must not contain the names of local/international religious, political or governmental organizations
Must not be identical to the names of multinational companies (companies with a website and branches in at least two other countries)
Must correspond to the company’s business activities

Bank Account

Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.

When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.

Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.

About Jurisdiction

Name and Description

Title: Meydan Free Zone
Description:
Meydan Free Zone is a free economic zone (free zone) established in 2009 in the Emirate of Dubai, UAE. Designed to support and foster the growth of companies in trade, technology, and consulting, Meydan Free Zone offers a modern and innovative environment for entrepreneurs, startups, and international businesses.

The free zone provides a unique business ecosystem with state-of-the-art infrastructure, including fully equipped offices, coworking spaces, and meeting facilities. Meydan Free Zone supports companies across various sectors, such as e-commerce, consulting, finance, logistics, creative industries, and technology, ensuring optimal conditions for growth and expansion. Businesses registered in Meydan Free Zone are permitted to operate both within the free zone and beyond the UAE.

Meydan Free Zone issues the following types of business licenses:
- Commercial (wholesale and retail trade)
- Professional (service provision)
- Media
With its strategic location in the heart of Dubai and access to key transportation networks, Meydan Free Zone has become an attractive choice for businesses focused on growth and global outreach. Its modern facilities, support for startups, and opportunities for expansion provide the ideal foundation for success in one of the world's leading business hubs.

Tax regime and income management

The UAE has several taxes and fees that regulate the financial activities of both legal entities and individuals. Below are the main ones.
1. Value Added Tax (VAT)
  - Since January 1, 2018, the UAE has implemented a VAT rate of 5%, which applies to most goods and services and is charged to companies operating within the country, except for those registered in designated zones.
  - A Designated Zone is a territory within a free zone that is treated as outside the UAE for tax purposes, allowing goods to be exempt from taxation, provided certain criteria are met. The main taxation rules in Designated Zones are as follows:
  - For local companies and those registered in Non-Designated Zones (free zones not included in the Designated Zones list), the standard tax rules set forth in the Federal Decree-Law on VAT apply.
2. Corporate Tax
  - As of June 1, 2023, the UAE has introduced a corporate tax at a rate of 9%, levied on the taxable net profit of companies with income exceeding AED 375,000.
  - A 0% rate is applied to taxable income not exceeding AED 375,000.
  - Charitable, non-profit organizations and medical institutions are fully exempt from corporate tax.
3. Excise Tax
  - Since October 1, 2017, the UAE has introduced an excise tax aimed at reducing the consumption of harmful products and funding healthcare initiatives. The tax applies to alcohol, tobacco products, and beverages containing added sugar, including energy drinks and carbonated beverages.Excise tax rates vary depending on the product category:
  - Companies dealing with excise goods must register with the Federal Tax Authority (FTA), submit monthly declarations, and maintain records. Excise tax is paid upon the import, production, or release of goods for consumption in the UAE.
4. Customs Duties
  - Custom duties in the UAE are applied to most imported goods at a standard rate of 5% of the cost, insurance, and freight (CIF). Exceptions include certain categories of goods, such as medicines and food products, which may be exempt from duties or subject to a reduced rate.
  - Goods imported into UAE free zones are generally not subject to customs duties as long as they remain within these zones. However, when such goods are transferred to the UAE mainland, standard duties apply.
5. Personal Income Tax
  - In the UAE, personal income is not subject to taxation.
  - UAE citizens and residents are exempt from paying taxes on their personal income, including salaries, interest, dividends, inheritances, gifts, luxury goods, and capital gains.
6. Local Taxes and Fees
  - Individual emirates may impose specific local taxes and fees in line with their economic and social needs. These taxes and fees are aimed at supporting public services and implementing infrastructure projects.

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